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Kibo Energy PLC (KIBO)

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Tuesday 09 October, 2018

Kibo Energy PLC

Completed Acquisition of 60% Interest in MED

RNS Number : 3890D
Kibo Energy PLC
09 October 2018
 

Kibo Energy PLC (Incorporated in Ireland)

(Registration Number: 451931)

(External registration number: 2011/007371/10)

Share code on the JSE Limited: KBO

Share code on the AIM: KIBO

ISIN: IE00B97C0C31

("Kibo" or "the Company")

 

Dated: 09 October 2018

 

Kibo Energy PLC ('Kibo' or the 'Company')

Completed Acquisition of 60% Interest in UK Power Project Development Company

 

Kibo Energy PLC ("Kibo" or the "Company"), the multi-asset, Africa focused, energy company, is pleased to announce that, further to the RNS dated 15 August 2018, it has completed the acquisition ("the Acquisition") of a 60% equity interest in Mast Energy Developments ("MED"), a private UK registered company targeting the development and operation of flexible power plants to service the Reserve Power generation market.

 

MED's business strategy is to acquire and develop a portfolio of small-scale power generation assets.  Various "shovel ready" sites have already been identified in the UK, capable of sustaining gas fired power generators and ancillary structures from 20MW upwards.  They have full planning permission and permitting in place, long term lease agreements, grid & gas connection offers and positive feasibility studies, pertaining to technical and commercial viability. The full summary terms of the Acquisition are described in the RNS announcement dated 15 August 2018.

 

As part of the Acquisition consideration, the Company will issue 5,714,286 new ordinary shares at a deemed price of 5.25 pence each in the Company ("Consideration Shares") to the existing MED shareholders ('the Sellers'). The Application has been made for the Consideration Shares, which will rank pari passu with the existing ordinary shares in the Company, to be admitted to trading on the AIM market of the London Stock Exchange ("Admission"). It is expected that Admission will occur at 8:00 am on or around 19 October 2018.

 

Following Admission, the Company will have 640,031,069 Ordinary Shares in issue, of which none are held in Treasury. Therefore, the total number of Ordinary Shares in the Company with voting rights will be 640,031,069 This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

 

Louis Coetzee, CEO of Kibo Energy, said: "This acquisition provides Kibo with the realistic possibility of near-term revenue generating assets and enables us to combine our knowledge of the power generation market both in mature and emerging markets. There is a distinct short-term revenue generating potential in the UK, which is positive for Kibo and importantly all early stage royalties payable to the sellers will be reinvested in Kibo ordinary equity."

 

 

**ENDS**

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").

 

For further information please visit www.kibo.energy or contact:

 

 

Louis Coetzee

[email protected].energy.com

Kibo Energy PLC

Chief Executive Officer

Andreas Lianos

+27 (0) 83 4408365

River Group

Corporate and Designated

Adviser on JSE

Ben Tadd /

Tom Curran

+44 (0) 20 3700 0093

SVS Securities Limited

Joint Broker

Jon Belliss

+44 (0) 20 7399 9400

Novum Securities Ltd

Joint Broker

Andrew Thomson

+61 8 9480 2500

RFC Ambrian Limited

NOMAD on AIM

Isabel de Salis / Gaby Jenner

+44 (0) 20 7236 1177

St Brides Partners Ltd

Investor and Media Relations Adviser

 

Notes to editors

Kibo Energy PLC is a multi-asset, Africa focussed, energy company positioned to address the acute power deficit, which is one of the primary impediments to economic development in Sub-Saharan Africa. To this end, it is the Company's objective to become a leading independent power producer in the region.

 

Kibo is simultaneously developing three similar coal-fuelled power projects: the Mbeya Coal to Power Project ('MCPP') in Tanzania; the Mabesekwa Coal Independent Power Project ('MCIPP') in Botswana; and the Benga Independent Power Project ('BIPP') in Mozambique. By developing these projects in parallel, the Company intends to leverage considerable economies of scale and timing in respect of strategic partnerships, procurement, equipment, human capital, execution capability / capacity and project finance. Additionally, the Company will benefit from its robust and experienced international blue-chip partnership network across its project portfolio, which includes: SEPCO III (China), General Electric (USA); Tractebel Engineering (Belgium); Minxcon Consulting (South Africa); ABSA / Barclays Africa; and Hogan Lovells International LLP.

 

Johannesburg

09 October 2018

Corporate and Designated Adviser

River Group


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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